The IRS released final guidance this fall to help taxpayers figure out when rental real estate activities might qualify as a “trade or business” for purposes of the Section 199A 20% qualified business income (QBI) deduction. The final guidance sets forth four requirements that, when met, provide a taxpayer with some assurance that the IRS [...]
ENTERPRISE, Ala., January 16, 2020 (Newswire.com) - Top 20 CPA and advisory firm Carr, Riggs & Ingram, LLC (CRI) has named 17 new partners. “At CRI, we recognize the capacity in which we are considered leaders in our profession and we have not only the staff but also the partner group to reflect that. We understand [...]
Background – Legislation Effects The Controlled Substances Act of 1970 made all forms of cannabis an illegal Schedule 1 substance. Today, 33 states, plus the District of Columbia, have legalized marijuana for medical use, and 11 states allow recreational use of marijuana for adults over the age of 21. On December 20, 2018, the Agricultural [...]
CRI Partner Steve Ritmiller spoke at the Palm Beach Gardens Marriott on January 8th, 2020 to 300 of south Florida's business leaders. During this presentation he discussed CRI and the array of capabilities the company has to offer.
CRI Partner Keith Hundley will be hosting a session on January 24, 2020 at The Buckhead Club in Atlanta, GA. In the midst of a day of diverse CPE training for not-for-profit accounting and auditing professionals, this session will cover the common internal control deficiencies within auditing.
CRI Partner Andy Grant recently spoke to the members of the Jewish Networking Group at their bi-monthly meeting. His presentation provided information about the tax reform as well as different areas of CRI.
ENTERPRISE, AL – Top 20 CPA and advisory firm Carr, Riggs & Ingram, LLC (CRI) has named 17 new partners. “At CRI, we recognize the capacity in which we are considered leaders in our profession and we have not only the staff but also the partner group to reflect that. We understand the direction that our [...]
Many people enjoy hobbies that are also a source of income. From painting and pottery to scrapbooking and photography, these activities can be sources of both fun and finances. If you start to make money from a hobby, you will need to report that income on your tax return. Until 2018, certain hobby expenses were [...]
The Tax Code includes two credits that can help taxpayers reduce higher education costs: the American opportunity tax credit (AOTC) and the lifetime learning credit (LLC). You can claim both credits on the same return, but not for the same student or the same qualified expenses. The two credits have numerous characteristics in common, but [...]
Knowing where your assets will go when you pass on and how you can protect them are important topics to bring up with your advisors during your year-end tax planning session. Although you won’t need to completely overhaul your estate plan from year to year, you should tweak it to address changes in your environment [...]
Working from home is becoming more and more popular. And while W-2 employees are no longer eligible to deduct their home expenses, those who own or co-own a business can take advantage of the deduction. Here’s what you need to know about the home office deduction and how you might be able to use it [...]
CRI Partner Cathy Haug will be presenting a 2019 Tax Update along with Manager Ryan Hayden at the Suncoast Estate Planning Council Tax Update. This event will take place on January 9, 2020 at the St. Petersburg Yacht Club. Whether you want to cut your tax bill or save for retirement, this presentation will keep [...]
CRI Partner Kelly Littleton recently presented "Personal Finance, Year-End Giving, Taxes, and You" at the First United Methodist Church of Panama City. Her presentation provided important year-end planning topics for both individuals and businesses, as well as an update for reporting hurricane casualty details on tax returns.
CRI Partner Steve Ritmiller recently welcomed local business leaders and service providers to the Palm Beach North Chamber Annual Holiday Mixer at the Gardens Mall. He started the event with a quick introduction to the event as well as CRI's lines of service and industries served.
On December 5th, the IRS released the final version of the 2020 Form W-4. This includes fundamental changes to income tax withholding that will significantly affect both employers and employees. These changes are largely in response to the 2017 Tax Cuts and Jobs Act. This 2020 IRS Form W-4 Employer Guide is intended to help [...]
On Friday, December 20, 2019, the President signed the Further Consolidated Appropriations Act, 2020 (the “Act”) which addresses several tax provisions such as retirement plan funding and distribution reform, items related to expiring or expired tax provisions (“tax extenders”), and disaster tax relief. RETIREMENT PLAN FUNDING AND DISTRIBUTION REFORM The Act also includes the SECURE [...]
The Tax Cuts and Jobs Act of 2017 overhauled numerous provisions of individual tax law, including reducing statutory tax rates amongst the different income tax brackets and suspending personal exemption amounts. These changes required employers to adjust their employees’ withholdings with revised tax tables while using the historical Form W-4. These law changes, combined with [...]
With the change of seasons, that means that year-end tax planning is right around the corner and will require your full attention very soon. Although there were a number of tactical strategies proposed and utilized during the most recent tax filing season under the latest changes from the Tax Cuts and Jobs Act (TCJA), 2019 [...]
Periodically, nonprofit organizations have to submit audited financial statements to federal and state grantors, contributors, boards of directors, and lenders to illustrate how the organization is performing financially. A nonprofit financial statement audit provides the highest level of assurance that an organization’s financial statements are presented fairly and free of misstatements. Laying the Foundation for [...]
With more than 1.56 million registered nonprofit organizations in the United States and the unknown total number of unregistered nonprofits, competition for donations, government funding, and grants is getting more and more intense. Demand for nonprofit services continues to grow. So how do organizations continue to serve constituents and thrive 10 or even 100 years [...]